Both the newly cashed-up Trafford Resources and its 37%-owned affiliate IronClad Mining (IFE) are now comfortably positioned to accelerate their respective programs on the Wilcherry Hill iron ore project, 120 kilometres west of Whyalla, South Australia.
Apart from Trafford’s $7.4 million cash windfall from the sale of its Robust shares, its affiliate IronClad on January 12 announced a successful cash raising of $6 million in a placement of 7.5 million shares to Hong Kong-based resources investor New Page Investments Ltd.
New Page is the major shareholder in China-based steel trader and processor Novo Group Ltd, which is dual-listed on the Hong Kong and Singapore stock exchanges.
Perhaps I let Trafford go from our portfolio prematurely late last year for its now seems to be in recovery mode. We’ll look forward to its December quarterly report next month and keep them on the radar.
TRF Price at posting:
32.0¢ Sentiment: ST Buy Disclosure: Held
